Legal

Conflict of Interest Management Policy

Purpose of this policy

The purpose of this document is for Indlu Finance (Pty) Ltd (Registration number 2001/004176/07)
("Indlu Finance trading as Thuthukani Insurance") to adopt, maintain and implement a Conflict of Interest Management Policy
("the Policy") that complies with the requirements of the Financial Advisory and Intermediary Services Act, 37 of 2002 ("FAIS")
and to ensure that objective, unbiased and fair financial services are rendered to clients.

What is a conflict of interest?

The FAIS General Code of Conduct for Authorised Financial Services Providers and Representatives, BN 80 of 8 August 2003
2003 ("the GCOC") defines a conflict of interest as:

Any situation in which a provider or a representative has an actual or potential interest that may, in rendering a financial service to a client -

influence the objective performance of his, her or its obligations to that client; or

prevent a provider or representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client, including, but not limited to -

a financial interest

an ownership interest

any relationship with a third party

A conflict of interest is therefore any situation where Indlu Finance trading as Thuthukani Insurance or its representatives have an actual or potential
interest that may, in rendering financial services to clients, influence the objective performance of our obligations, or the rendering of an unbiased
and fair financial service, or acting in the interest of our clients.

Policy statement

Indlu Finance trading as Thuthukani Insurance is committed to the prudent management of its business in accordance with the requirements
of FAIS and the GCOC with respect to conflicts of interest. Indlu Finance trading as Thuthukani Insurance undertakes to conduct its business
with integrity and due diligence, complying with both the spirit and letter of the law, as well as all internal policies and procedures.

The Policy describes the procedures that will be followed to ensure that any potential conflict of interest is avoided to protect our client’s interest.
Where the avoidance of a potential conflict is not possible and our client’s interests might not be sufficiently protected, Indlu Finance trading as
Thuthukani Insurance will disclose all the relevant facts to the client to make an informed decision.

Principle 1: Avoid conflict of interest

Principle 2: Mitigate conflict of interest where it cannot be avoided

Where avoidance of a conflict of interest is not possible, mechanisms are in place to identify such conflict and measures will be taken to
mitigate the risk and make required disclosures to clients.

The following mechanisms are in place to identify conflict of interest:

All conflicts to be identified by Indlu Finance trading as Thuthukani Insurance and its representatives will be referred to Indlu Finance trading as
Thuthukani Insurance's Key Individual for consideration and guidance.

Ad hoc reviews are performed by Indlu Finance trading as Thuthukani Insurance to identify and address any conflicts of interest.

Where a conflict of interest cannot be avoided Indlu Finance trading as Thuthukani Insurance or its representatives must obtain guidance from Indlu Finance
trading as Thuthukani Insurance's Key Individual on the reasons why the conflict cannot be avoided with proposed mitigating measures. If the parties are
satisfied that the conflict of interest cannot be avoided and will not negatively impact the client, full disclosure of the conflict of interest will be made to clients.

The reasons why the conflict of interest cannot be avoided and the full disclosure made to the client regarding the conflict of interest will be documented
by Indlu Finance trading as Thuthukani Insurance and those records will be kept for five years after termination, to the knowledge of Indlu Finance trading as
Thuthukani Insurance, of the product concerned or, in any other case, after the rendering of the financial service concerned.

Indlu Finance trading as Thuthukani Insurance will disclose the conflict of interest in a Disclosure Notice provided to the client; or in any other
appropriate written document that will be provided to the client.

Principle 3: Controls should be implemented to avoid conflict of interest

Indlu Finance trading as Thuthukani Insurance adopted appropriate processes, procedures and internal controls, to manage all conflicts of interest and to
facilitate compliance with this Policy. Employees and representatives are trained on this Policy and relevant controls. Regular monitoring and review are
conducted to test compliance with the Policy. In instances of non-compliance the standard Indlu Finance trading as Thuthukani Insurance disciplinary processes will be followed.

Whenever any potential conflict of interest is identified, Indlu Finance trading as Thuthukani Insurance will consider whether any practical means exist to avoid the
conflict of interest. Where this is not practical, the process set out under Principle 2 above will be followed.

Principle 4:Limitations apply to financial interests offered and received to or from a third party by Indlu Finance trading as Thuthukani Insurance

Indlu Finance trading as Thuthukani Insurance will comply with section 3A of the GCOC, including the limits on the provision and acceptance of financial interest as set out in section 3A(1)(a).

When offering financial interest to its representatives, Indlu Finance trading as Thuthukani Insurance will comply with the provisions of section 3A(1)(b) of the FAIS General Code of Conduct by ensuring that it will not:

Give preference to quantity of business to the exclusion of quality of services rendered to clients.

Give preference to a specific product supplier, where the representative can recommend more than one product supplier to the client. Representatives are offered the same financial interest on all products, regardless of the product supplier.

Give preference to a specific product of a product supplier, where the representative can recommend more than one product of the product supplier to the member. Representatives are offered the same financial interest on all comparable products.

The Indlu Finance trading as Thuthukani Insurance representatives receive a fixed salary and standard employee benefits not influenced by the above mentioned.

Principle 6: Training

Employees and representatives must know and understand this Policy and related business processes relevant to their roles. These requirements will be communicated mostly
by specific training, but also by induction programmes and employee awareness initiatives. Training attendance registers will be kept by Indlu Finance trading as Thuthukani Insurance.

All representatives and employees receive guidance and training in these procedures and are subject to monitoring and review processes.

Third parties, Associates and Ownership interest

The GCOC requires the disclosure of the following relationships, as set out in Annexure 1:

The associates of Indlu Finance trading as Thuthukani Insurance;

Third parties that Indlu Finance trading as Thuthukani Insurance holds an ownership interest in; and

Third parties that hold an ownership interest in Indlu Finance trading as Thuthukani Insurance.

Acceptance of this Policy

The Board of Directors of Indlu Finance trading as Thuthukani Insurance adopted this policy.

Publication of the Policy

The policy will be published on the Indlu Finance trading as Thuthukani Insurance website at www.thuthukani.co.za

Employees and representatives

Employees and representatives of Indlu Finance trading as Thuthukani Insurance must adhere to this policy and will confirm compliance with this policy when required.
The failure by employees and representatives of Indlu Finance trading as Thuthukani Insurance to comply with the Policy is regarded as a transgression and will be investigated. Depending on the severity, such transgression may result in disciplinary proceedings.

Maintenance of the policy

This Policy will be reviewed annually to ensure that the requirements of FAIS, the GCOC and business requirements or relationships are adequately addressed and provided for in this policy.
If required, the Policy will be updated upon approval by the Board of Directors of Indlu Finance trading as Thuthukani Insurance.

Continuous monitoring of compliance to this policy will be conducted by Indlu Finance trading as Thuthukani Insurance. Reports on the non-compliance of this policy will be provided to
the Indlu Finance trading as Thuthukani Insurance Board of Directors.

Annexure 1

Third parties that Indlu Finance trading as Thuthukani Insurance holds an ownership interest in

Guardrisk Life Limited (Registration number 1999/13922/06): Indlu Finance trading as Thuthukani Insurance owns one ordinary share in a Guardrisk Cell Captive structure that entitles Indlu Finance trading as Thuthukani Insurance to dividends as determined by Guardrisk Life Limited from time to time

Guardrisk Insurance Company (Registration number 1992/001639/06): Indlu Finance trading as Thuthukani Insurance owns one ordinary share in a Guardrisk Cell Captive structure that entitles Indlu Finance trading as Thuthukani Insurance to dividends as determined by Guardrisk Insurance Company from time to time.

Third parties that hold an ownership interest in Indlu Finance trading as Thuthukani Insurance